RIL expected to raise imports
In order to make a mark for itself in the world oil market, India's Reliance Industries (RIL) is expected to raise the imports of crude oil by about 22 per cent. This decision is being taken as the company is ramping up its complex.
A person close to the industry said that the company would be shifting its focus from Africa to Middle-East. Analysts believe that the company will take this step if the crude prices continue to strengthen.
The article that appeared on Reuters, suggested that for being able to achieve this, the company will have to run two of its refineries at the fullest production level. The total capacities of these are 1.24 million barrels per day and are largest in the world.
Analysts also believe that this kind of step will put extra pressure on the weak refineries with the Western world. This can change the existing equations, since this is the time when the demand for oil is going up.
RIL has already increased its production capacity in 2008. At that time it increased the inflow by 580,000 barrel-per-day.